Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Joey Two-Cents who wrote (8949)	5/19/1998 10:49:00 AM
From: Oeconomicus	Read Replies (1) of 18691

I say he goes for it and raises rates a nominal 1/4%. Joey, no one will ever accuse you of just following the crowd. I sure would be happy if you are right, but it doesn't seem likely. It does seem ridiculous to me that the papers this morning would attribute yesterday's weakness to "Fed fears". I don't think anyone long the market thinks there's any chance of a rate hike - even a 1/4 point - so who was afraid of the Fed yesterday? The bond market didn't seem at all concerned anyway. The big question, of course, is whether the market will use the "news" of no action as an excuse to rally. Alternatively, is this morning's rally the crowds "buying the rumor" and will they later "sell the news"? Bob

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